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Equity and Distributions | 3 Months Ended
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Mar. 31, 2014
Equity and Distributions [Abstract] |
Equity and Distributions | Note 10. Equity and Distributions Partners' equity reflects the various classes of limited partner interests (i.e., common units, including restricted common units) that we have outstanding. The following table summarizes changes in the number of Enterprise's outstanding units since December 31, 2013:
|  | Common Units (Unrestricted) |  |  | Restricted Common Units |  |  | Total Common Units |
Number of units outstanding at December 31, 2013 |  |  | 932,074,401 |  |  |  | 3,610,607 |  |  |  | 935,685,008 |
Common units issued in connection with DRIP and EUPP |  |  | 1,338,465 |  |  |  | -- |  |  |  | 1,338,465 |
Common units issued in connection with the vesting and exercise of unit options |  |  | 485,564 |  |  |  | -- |  |  |  | 485,564 |
Common units issued in connection with the vesting of restricted common unit awards |  |  | 1,239,862 |  |  |  | (1,239,862 | ) |  |  | -- |
Forfeiture of restricted common unit awards |  |  | -- |  |  |  | (86,650 | ) |  |  | (86,650 | )
Acquisition and cancellation of treasury units in connection with the vesting of equity-based awards |  |  | (421,391 | ) |  |  | -- |  |  |  | (421,391 | )
Other |  |  | 7,896 |  |  |  | -- |  |  |  | 7,896 |
Number of units outstanding at March 31, 2014 |  |  | 934,724,797 |  |  |  | 2,284,095 |  |  |  | 937,008,892 |
We may issue additional equity or debt securities to assist us in meeting our future liquidity and capital spending requirements. We have a universal shelf registration statement (the "2013 Shelf") on file with the SEC. The 2013 Shelf allows Enterprise Products Partners L.P. and EPO (on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. EPO utilized the 2013 Shelf to issue $2.0 billion of senior notes in February 2014 (see Note 9). We have a registration statement on file with the SEC covering the issuance of up to $1.25 billion of our common units in amounts, at prices and on terms to be determined by market conditions and other factors at the time of such offerings. Pursuant to this "at-the-market" program, we may sell common units under an equity distribution agreement between Enterprise Products Partners L.P. and certain broker-dealers from time-to-time by means of ordinary brokers' transactions through the NYSE at market prices, in block transactions or as otherwise agreed to with the broker-dealer parties to the agreement. During the three months ended March 31, 2014 and 2013, we did not issue any common units under the "at-the-market" program. After taking into account the aggregate sale price of common units sold under our at-the-market program through March 31, 2014, we have the capacity to issue additional common units under this program up to an aggregate sales price of $1.25 billion. We also have registration statements on file with the SEC collectively authorizing the issuance of up to 70,000,000 of our common units in connection with a distribution reinvestment plan (or "DRIP"). We issued 1,307,185 common units under our DRIP during the three months ended March 31, 2014, which generated net proceeds of $81.0 million. During the three months ended March 31, 2013, we issued 1,243,360 common units, which generated net proceeds of $65.7 million. After taking into account the number of common units issued under the DRIP through March 31, 2014, we may issue an additional 17,173,693 common units under this plan. In January 2014, privately held affiliates of EPCO expressed their willingness to consider purchasing through the DRIP a total of $100 million of our common units during 2014. During the three months ended March 31, 2014, these EPCO affiliates reinvested $25.0 million, resulting in the issuance of 403,315 common units under our DRIP (this amount being a component of the total common units issued under the DRIP for the three months ended March 31, 2014). In May 2014, these EPCO affiliates reinvested an additional $25 million through the DRIP. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance of up to 4,000,000 of our common units in connection with an employee unit purchase plan (or "EUPP"). We issued 31,280 common units under our EUPP during the three months ended March 31, 2014, which generated net proceeds of $2.0 million. During the three months ended March 31, 2013, we issued 31,869 common units, which generated net proceeds of $1.8 million. After taking into account the number of common units issued under the EUPP through March 31, 2014, we may issue an additional 3,682,164 common units under this plan. The net cash proceeds we received from the issuance of common units during the three months ended March 31, 2014 were used to temporarily reduce amounts outstanding under EPO's commercial paper program and for general company purposes. Accumulated Other Comprehensive Loss The following table presents the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
|  | Gains and Losses on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
|  | Commodity Derivative Instruments |  |  | Interest Rate Derivative Instruments |  |  | Foreign Currency Translation Adjustment |  |  | Other |  |  | Total |
Balance, December 31, 2013 |  | $ | (14.7 | ) |  | $ | (347.2 | ) |  | $ | 1.7 |  |  | $ | 1.2 |  |  | $ | (359.0 | )
Other comprehensive income before reclassifications |  |  | (9.2 | ) |  |  | -- |  |  |  | -- |  |  |  | -- |  |  |  | (9.2 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | 16.0 |  |  |  | 7.9 |  |  |  | -- |  |  |  | -- |  |  |  | 23.9 |
Total other comprehensive income |  |  | 6.8 |  |  |  | 7.9 |  |  |  | -- |  |  |  | -- |  |  |  | 14.7 |
Balance, March 31, 2014 |  | $ | (7.9 | ) |  | $ | (339.3 | ) |  | $ | 1.7 |  |  | $ | 1.2 |  |  | $ | (344.3 | )
|  | Gains and Losses on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |
|  | Commodity Derivative Instruments |  |  | Interest Rate Derivative Instruments |  |  | Foreign Currency Translation Adjustment |  |  | Other |  |  | Total |
Balance, December 31, 2012 |  | $ | 10.1 |  |  | $ | (383.0 | ) |  | $ | 1.7 |  |  | $ | 0.8 |  |  | $ | (370.4 | )
Other comprehensive income before reclassifications |  |  | (47.6 | ) |  |  | 6.7 |  |  |  | -- |  |  |  | -- |  |  |  | (40.9 | )
Amounts reclassified from accumulated other comprehensive income |  |  | 7.3 |  |  |  | 5.9 |  |  |  | -- |  |  |  | -- |  |  |  | 13.2 |
Total other comprehensive income |  |  | (40.3 | ) |  |  | 12.6 |  |  |  | -- |  |  |  | -- |  |  |  | (27.7 | )
Balance, March 31, 2013 |  | $ | (30.2 | ) |  | $ | (370.4 | ) |  | $ | 1.7 |  |  | $ | 0.8 |  |  | $ | (398.1 | )
The following table presents reclassifications out of accumulated other comprehensive income (loss) into net income during the periods indicated:
|  |  | For the Three Months |
|  |  | Ended March 31, |
| Location |  | 2014 |  |  | 2013 |
Losses (gains) on cash flow hedges: |  |  |  |  |  |  |
Interest rate derivatives | Interest expense |  | $ | 7.9 |  |  | $ | 5.9 |
Commodity derivatives | Revenue |  |  | 16.9 |  |  |  | 7.7 |
Commodity derivatives | Operating costs and expenses |  |  | (0.9 | ) |  |  | (0.4 | )
Total |  |  | $ | 23.9 |  |  | $ | 13.2 |
Noncontrolling Interests Noncontrolling interests as presented on our Unaudited Condensed Consolidated Financial Statements represent third party ownership interests in joint ventures that we consolidate for financial reporting purposes, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company, Wilprise Pipeline Company LLC and Enterprise EF78 LLC. Cash Distributions The following table presents Enterprise's declared quarterly cash distribution rates per common unit with respect to the quarter indicated:
|  | Distribution Per Common Unit |  | Record Date | Payment Date
2013: |  |  |  |  |
1st Quarter |  | $ | 0.6700 |  | 04/30/13 | 05/07/13
2014: |  |  |  |  |  |
1st Quarter |  | $ | 0.7100 |  | 04/30/14 | 05/07/14
In November 2010, we completed our merger with Enterprise GP Holdings L.P. (the "Holdings Merger"). In connection with the Holdings Merger, a privately held affiliate of EPCO agreed to temporarily waive the regular quarterly cash distributions it would otherwise receive from us with respect to a certain number of our common units it owns (the "Designated Units"). Distributions paid during 2014 exclude 22,560,000 Designated Units. Distributions to be paid, if any, during 2015 will exclude 17,690,000 Designated Units.

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